Indonesia joins government-led coalition to grow carbon markets
It will be able to bring expertise on forest-based carbon projects and nature-based solutions, the group says
[SINGAPORE] Indonesia has joined a government-led coalition aimed at growing carbon markets, the 11th sovereign country to do so.
The Coalition to Grow Carbon Markets said in a press release on Wednesday (Jan 21) that Indonesia would be able to bring expertise on forest-based carbon projects and nature-based solutions.
“High-integrity carbon credit markets hold vast potential to support nature-based solutions in Indonesia, delivering emissions reductions, conserving biodiversity and driving green growth,” read the release.
Indonesia’s membership into the coalition was announced by its Minister of Forestry Raja Juli Antoni in London, during a roundtable between South-east Asia’s largest economy and the United Kingdom on advancing high-integrity carbon markets.
Government officials from Indonesia, including President Prabowo Subianto, are currently in the UK to ink a strategic partnership between both countries.
Antoni said that Indonesia will work with like-minded countries to scale demand for high-integrity carbon credits for forest and nature-based solutions to support the growth of Indonesia’s green economy, as well as the world.
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“As home to the world’s third-largest tropical rainforest, extensive mangrove ecosystems and vast tropical peatlands, Indonesia possesses significant natural capital and demonstrated expertise in nature-based solutions, offering valuable contributions to global efforts to meet climate targets,” he added.
The coalition was founded by Singapore, the UK and Kenya in June last year, with France and Panama as its first members.
In addition to Indonesia as its latest member, other countries that have joined are Canada, New Zealand, Peru, Switzerland and Zambia.
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Since its formation, The Coalition to Grow Carbon Markets has launched a set of sovereign-backed shared principles that aims to be consistent across jurisdictions on how companies can utilise carbon credits to offset their emissions.
It is now working towards a plan of action on developing national and regional policies that enables consistent demand for carbon credits and sustaining buyer interest through engagement with buyer and investor networks.
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